Gross Domestic Product: Military in Illinois
ILGOVFEDMILNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,019.70
Year-over-Year Change
47.77%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Military in Illinois' trend measures the value of military-related economic activity within the state of Illinois. This metric is important for understanding the role of the defense sector in the state's economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents the portion of Illinois' GDP attributable to federal military spending and related economic activity. It provides insight into the economic impact of the military's presence and operations within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Historical Context
Policymakers and analysts use this metric to evaluate the importance of the military to Illinois' economic performance and growth.
Key Facts
- Illinois' military GDP was $39.4 billion in 2021.
- The military sector accounts for 3.2% of Illinois' total GDP.
- Defense spending has been a significant driver of economic activity in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the portion of Illinois' gross domestic product (GDP) that is attributable to federal military spending and related economic activity within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic importance of the military sector to Illinois' economy, which is valuable information for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate the role of the military in Illinois' economic performance and growth, which can inform decisions about defense spending, military base operations, and economic development policies.
Q: Are there update delays or limitations?
A: The data is published annually by the U.S. Bureau of Economic Analysis, so there may be a delay of several months between the end of the reporting period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Military in Illinois (ILGOVFEDMILNGSP), retrieved from FRED.